Word: exxon
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...chairman and CEO of Exxon Mobil, Rex Tillerson can arguably claim to have played a key role in delivering a record $40.6 billion in profit to shareholders last year. Yet many of them, including dozens of descendants of John D. Rockefeller, whose Standard Oil morphed into Exxon, don't want him to be chairman anymore. At the oil giant's annual meeting in Dallas on Wednesday, nearly 40% of shareholders voted to separate the roles of CEO and chairman atop the oil giant. It was more support than most such proposals get, yet still far shy of a majority...
...fact, the sixth year in a row that shareholder activist Robert Monks, representing clients at his investment advisory firm, presented the resolution at the Exxon annual meeting. Over the years, the percentage of shareholders voting with Monks has increased from about 20% to 40% last year. With the backing of the Rockefeller family, hopes were high for a better showing this year, even though only 10 such proposals have ever managed to garner majority support, according to RiskMetrics, a firm that advises proxy voting. If the vote had reached a majority, it wouldn't have forced Exxon to separate...
...recently arrived president and ceo of Syncrude, along with a group of 25 handpicked Exxon executives, is sure to introduce plenty of change over the life of a 10-year service contract signed by their parent company. "Many Syncrude managers took a golden handshake rather than deal with Exxon," says a person familiar with the overhaul taking place...
...partnerships and deals that is Alberta's energy sector. The company has seven partners, but Syncrude's biggest shareholders are a pair of Calgary-based operators, Canadian Oil Sands Trust and Imperial Oil Ltd., which together own a 61.7% stake. It's through its controlling position in Imperial that Exxon has become master at Syncrude...
...planned expansion at Syncrude from 350,000 bbl. per day to 500,000 bbl. may have been too important for Exxon's future to leave to anyone but the A-team from Texas. "My job is to build a strong operational foundation," says Katinas, whose previous assignments have taken him to Saudi Arabia, Singapore and the U.K. In addition to Syncrude and Imperial, the biggest operators in the oil sands are Suncor Energy Inc., a Canadian-owned company, and Albian Sands Energy Inc., a joint venture of Shell, Chevron Corp. and Marathon Oil Corp. This tight clutch of companies accounts...